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What is EximChain?

The primary goal of the EximChain platform is to simplify the supply chain process by creating a global network that is all-encompassing, transparent, and safe for businesses to make connections, complete transactions, and exchange information in an efficient manner.

Currently businesses, particularly small or medium sized businesses, can struggle to overcome barriers that prevent them from operating their supply chains in the most efficient manner. These barriers can include a lack of access to credit needed, unreliable suppliers, and lack of data sharing and visibility. EximChain provides all the tools needed to overcome these barriers using blockchain technology that ensures a reliable, safe, and effective network through which to conduct business.

According to the platform’s roadmap, the idea for EximChain was developed in 2015, and in February of 2016 work began on actually making it a reality. In the ensuing couple of years, EximChain gained recognition through competitions and in July of 2017 the Whitepaper was released. Now that the token sale has been completed, the rest of 2018 plans to release further proof of concept along with SDK releases and governance cycles.

How Does EximChain Work?

The platform takes a three-pronged approach to removing the obstacles for businesses in enhancing the reliability of their supply chains. First, they will provide smart contracts that will allow banks to validate the orders placed with the partners and suppliers and then provide the financing that is needed.

Next, the smart contracts will safely and securely record all data and transactions in a ledger thereby allowing suppliers to establish their reputations as being reliable both to the buyers and rating institutions. Furthermore, inventory management is simplified through the use the EximChain tools that can provide demand and inventory information through a commonly accessible ledger.

The platform is also planning on offering a software development kit, or SDK, that will allow companies build and customize their own supply chain applications that can offer complete data privacy. The SDK will include finance, logistics, and sourcing modules for supply chains, as well as the ability to conduct private trade negotiations, and shield transactions with ZSL.

Features and Benefits of EximChain

The platform website does not offer much in the way of specific features that potential users can expect, but they do make the benefits of using EximChain clear.

Increased efficiency is an obvious benefit for businesses, because EximChain can significantly reduce the time spent on manual resolution and compromise, as well as eliminate the cost of third party verification by using a decentralized network instead.

Additionally, the increased security provided by the platform can be invaluable to businesses. They will no longer have to worry about sensitive data not being protected because of the governance mechanism and consensus protocol instituted by the EximChain.

Finally, both businesses and supply chains can expect increased transparency which will help both sides to get on the same page and align their interests with one another, while also sharing information that can help them gain visibility with others.

The EximChain Token Sale

EximChain’s token sale was already conducted, concluding on February 13th, 2018. All countries were allowed to participate in the sale. The tokens are called EXC and are distributed as ERC20. A total of 150,000,000 tokens were created and 40% of them were made available for the token sale.

The fundraising goal for the ICO was set at $20 million and according to them they achieved their goal during the sale. It does not appear that any sort of bonus was offered as part of the sale. ETH was the only currency that was accepted and there was no minimum or maximum contribution set. 1 EXC is equivalent is $0.33.

The site does provide a graphic that breaks down the allocation of the tokens that were created, but in order to find a breakdown for their use of funds generated you need to look over the Whitepages. As mentioned, 40% of the tokens were made available for the sale, 20% went to SME’s and early adopters, 20% went to the team and advisors, 10% was dedicated to hedging, and the final 10% was set aside for bonuses. 50% of the funds will go to platform development, 25% to building the supply chain ecosystem, 20% to covering operational expenses, and the final 5% to getting listed on exchanges.

Who’s Behind EximChain?

The site for EximChain states that it was founded in 2015 at the Massachusetts Institute of Technology. The CEO and co-founder is Hope Liu, who received a BA from Peking University then an MBA from MIT. She has a long history of handling cross-border transactions. The other co-founder and CTO is Juan Sebastian Huertas who earned a BS in Computer Science from MIT and has worked as a technology consultant for multiple startups.

Jian Xu serves as the business architect for the company and previously worked for IBM for 14 years in different positions. Jia Zhang fills the role of business analyst and states that she has worked in the supply chain field since 1994 and spent 7 years managing global trade finance and international settlement for ICBC. The director of engineering and director of product are also identified with a mini-bio.

The advisory board for EximChain is made up of 10 people, including CEOs at places such as SwftCoin and Trade Manager, as well as the founder of BoaoTech, along with managing partners and strategy consultants.

Conclusion

The potential opportunity presented by EximChain is intriguing because it would seem to have real long-term potential for speculative investors. As the Whitepages for the platform point out, according to research there is a $2 trillion gap in supply chain financing for SMEs, which presents a huge opportunity for improvement and should be all the motivation businesses need to consider something like EximChain.

The token sale that was recently conducted seems to have been a success with the ICO hitting its fundraising goal of $20 million, and they have already signed on several partner companies that give the project more weight. Additionally, the project has been in development for years at MIT which gives it additional credibility and suggests that the team is taking its time to ensure quality before release.

There are some risks that should be noted, however. The ICO does not get specific regarding the proposed implementation process, which could be the most important step to success as supply chains can be difficult to crack. Additionally, there is some competition in this area in the form of other ICOs, so time may be of the essence for EximChain. That said, the potential for growth would seem to outweigh the risks at this juncture.

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Peter Lehmann

Peter is a blockchain investor and cryptocurrency writer at Vkool.com. Since 2014 Peter has advised blockchain startups and ICOs on content marketing, strategy and business development.

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